Veridian Credit Union wins Pioneer Award at Temenos Educational Conference
Conference attendees selected Veridian for its commitment to technology and innovation with the Temenos Lifecycle Management Suite
MALVERN, PA (May 20, 2019) — Temenos (SIX: TEMN), the banking software company, announced that Veridian Credit Union won the Temenos Pioneer Award, which is presented annually to a financial institution that has demonstrated a commitment to technology and innovation. Waterloo, Iowa-based Veridian Credit Union, with more than $4.2 billion in assets, won the award for the innovative approach it used to streamline its online loan application and charge off processes.
Kara VanWert, Senior VP of Lending, Veridian Credit Union, stated, “At Veridian Credit Union, we are committed to innovation, efficiency and providing a user experience that is easy — that’s why we partnered with Temenos. We recently implemented the Temenos Lifecycle Management Suite, which now provides two automated solutions customized to our needs, which have improved our negative account charge-off process and online loan application process. This has created a better user experience for our members and greater efficiency for our employees. With the new platform, we have reduced the charge-off process from six steps to one, and decreased loan application abandonment from 30% to 20%. These solutions have laid the groundwork for future enhancements, integrations and experiences on our website and within our online banking system.”
For the first time in the history of the Pioneer Award, Temenos Educational Conference attendees selected the winner through a live voting session after viewing video presentations from four finalists, which included Washington-based Boeing Employees Credit Union, Illinois-based Consumers Credit Union and Texas-based University Federal Credit Union.
The conference, held at the Loews Philadelphia from April 15-17, attracted more than 500 attendees. The event offered four educational tracks, as well as presentations from Ernst & Young Entrepreneur of the Year Josh Linkner and generational expert Cam Marston. The conference showcased the importance of data and analytics, personalized customer journeys and the need to be agile and future-ready with open APIs, cloud capabilities, and artificial intelligence.
Emily Steele, President – North America, Temenos, said: “Congratulations to Veridian Credit Union for winning this year’s Pioneer Award! The solution you created using the Temenos Lifecycle Management Suite is a wonderful demonstration of the incredible things that the spirit of innovation can help us accomplish. I want to thank all of the loyal customers and partners who helped us break attendance records for our Educational Conference this year. We are committed to helping our customers meet the challenges of today’s rapidly changing environment through education and the very best that technology has to offer.”
Temenos AG (SIX: TEMN), headquartered in Geneva, is the world’s leader in banking software, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic front office and core banking, payments, fund management and wealth management software products enabling banks to deliver consistent, frictionless customer journeys and gain operational excellence. Temenos software is proven to enable its top-performing clients to achieve industry-leading cost-income ratios of 25.2% and returns on equity of 25.0%, 2X better than the industry average. These clients also invest over 53% of their IT budget on growth and innovation versus maintenance, which is 2.5X the industry average, proving the banks’ IT investment is adding tangible value to their business. For more information, please visit www.temenos.com.
About Veridian Credit Union
Veridian Credit Union, founded in 1934 in Waterloo, Iowa, is a not-for-profit financial cooperative owned by its members. The credit union offers a full range of business and consumer financial services and employs nearly 800 people throughout 31 branches in Iowa and eastern Nebraska. For more information, visit veridiancu.org or call (800) 235-3228.